Africa Oil Supply in July 14

Source: OPEC 7/21/2014, Location: Africa

Africa’s oil production in 2014 is forecast to average 2.47mb/d, an increase of 60 tb/d over 2013. Oil supplies from Chad, Equatorial Guinea and the Sudans (Rep. of Sudan & Rep. of South Sudan) are expected to increase in 2014. This comes on the back of new developments and a return to normalcy in the Sudans. Oil supply from Egypt is forecast to decrease by 20 tb/d in 2014, and oil production in Congo, Gabon, South Africa and “Africa other” will remain steady. Output from South Sudan and Sudan is expected to increase by 50 tb/d in 2014 to average 0.29 mb/d on the assumption that the delicate agreement reached recently on oil transit will continue with possible interruptions. Political risk factors could bring a significant change to the supply forecast, especially from South Sudan and Sudan. On a quarterly basis, total oil supply in Africa in 2014 is estimated to average 2.52 mb/d, 2.48 mb/d, 2.45 mb/d and 2.44 mb/d, respectively.